Unity Homes and Absa Bank Kenya have announced a partnership to allow potential home buyers to acquire houses in Tatu City under the affordable housing scheme.
Through the collaboration, the lender will provide Kenya Mortgage Refinancing Company (KMRC)-backed mortgages with terms of up to 25 years.
Under the deal, potential home buyers who will have deposited 10 percent of the housing unit value will be able to buy a one-bedroom house for an average of Sh49,500 per month at a 9.5 percent fixed interest rate for the first nine years.
The price of the modern apartments starts at Sh5.95 million.
The executive director at Unity Homes Jason Horsey noted that the mortgage application is open to both salaried and self-employed Kenyans who will have to present among others KRA PIN, bank statements, and business permits.
The mortgage amount will be determined by the property price and what the applicant qualifies for.
“This partnership is yet another significant milestone in our ongoing commitment to support the aspirations of many Kenyans, especially those just starting in life, to acquire a home with the highest quality in standard finishes, at flexible repayment terms, and one of the country’s best mixed-use developments comprising homes, schools, offices, a shopping district, medical clinics, nature areas, a sport and entertainment complex, and a manufacturing hub,” said Mr Horsey.
The lender said it is committed to walking the homeownership journey with Unity Homes every step of the way, in line with the partnership’s agenda.
More developers are expanding their investment in affordable housing, a segment that had been neglected before. Developers previously focused on building houses for rich and upper-middle-class buyers, pricing out most prospective clients with an ability to purchase units priced from Sh3 million.